Corporate News

Swift Foods moves to sell land to DMCI

Posted on March 24, 2012

SWIFT FOODS, Inc., has moved to sell three lots in Mandaluyong City worth P500.22 million to real estate firm DMCI Project Developers, Inc., a disclosure to the Philippine Stock Exchange on Friday showed.

Following a board meeting, the company's board of directors reportedly authorized the sale of three parcels of land along Sheridan St. to the Consunji-led developer.

The three lots, which are covered by transfer certificate of title numbers 136988, 22622, and 22623, have a total land area of 11,116 square meters (sq. m) valued at P45,000 per sq. m.

DMCI Project Developers, a wholly-owned unit of listed DMCI Holdings, Inc., currently has 26 housing developments located in Metro Manila, Rizal, and Boracay.

The property developer already has two projects in Mandaluyong City: the three-tower Dansalan Gardens on Boni Avenue, and the five-tower Tivoli Garden Residences on Coronado St.

Swift Foods, for its part, was incorporated in 1994 to assume RFM Corp.'s business of manufacturing, marketing and distributing processed and canned meat products, poultry products, and commercial feeds.

The company posted another net loss for the January to September period last year worth P69.91 million.

Shares of Swift Foods rose by 0.76% to P0.133 on Friday from P0.132 at its previous close. -- Franz Jonathan G. de la Fuente